Learning tape reading

TAjammy said:
well i had about 30 trades a day within 5-6 hours, each day making at least 100 pips, so thats about 3-5 ish pips on each trade
Click to expand...

1:100, 3-5 pips per trade, bounces off the 200 EMA....

Your maths may be good but something sure doesn't add up.
 
o, did i mention the 20 EMA aswell ? lol sorry bout that, aswell as fibo levels, S/R - it was mostly trading pin bars tbh
 
TAjammy said:
wondering though , i want to be a trader i know that now, so what would be my best option? i know to get my gcses and A-levels done and over with but what then? should i get a degree in finance or head to a prop trading firm?
.....What sort of stuff do they cover in finance anyway, in terms of trading?

lol i'd be surprised if you knew the answers to these awkward questions
Click to expand...

I'd say economics is probably your best bet if you're going to uni. Most unis will give you the option to pick a few finance modules alongside the mandatory macro/micro which is probably more useful than finance modules themselves imho. Not sure about IBs but it seems prop firms just want graduates who are enthusiastic/passionate/dedicated and you have that in spades.

I think getting in without a degree would be pretty difficult. I've got a free year whilst the rest of my uni friends are doin placements at IBs (I didn't want to do that) so I applied to 10 prop firms asking if they could find something for me for a year; anything, even unpaid. I started the same age as you too and was plugging that a lot. About 2 bothered replying, both thinking I had graduated already, when they found out I hadn't they told me to stay in touch until I had graduated.

Not sure if the prop guys here would agree but I'm just trying to make the point that it seems difficult to get a job there without a degree! Could just be I'm **** though I suppose...
 
well i might as well aim for a degree...getting more competitive in every job out there
 
ok watched the YM today, i took less notice of the volume today and focused more on the price that was flowing through time and sales.

Unfortunately i can't demo trade- because this demo doesn't take into account that , for example if you placed a limit buy order on YM at 9450, that price has to reach 1 point above that ( 9451 ) for you to get filled.

However i want to explain a concept i took more notice off today, and placed some orders 'in my head'.
'Scalp support and scalp resistance and scalp breakouts'
ok here is an example of what you might see going through time and sales:
9450 9450 9451 9452 9454 9454 9454 9450 9450 9453 9454 9452

scalp support was clearly ay 9450, scalp resistance was clearly at 9454.
To scalp this effectivey you must have a reasonable TP and S/L, im going with 2 points for both, as these plays are quite high probability. In the example above we see that scalp resistance is more clear and stronger than scalp support, place a limit buy order at scalp resistance-because you won't get filled if price moves down from it, you will only get filled when price moves 1 point above 9454, if price moves above "54 it will breakout maybe 2-3 points , and then it VERY quickly zooms back down, which is why a TP is essential, if price moves above scalp resistance and doesn't pop up immediately- try to move your stop to breakeven very very quickly or get out as quick as you can, because these scalp breakouts usually happen with 5-10 seconds

edit- just watched a scalp support breakdown which was 5 points
 
Last edited:
glad to entertain

This is what i have observed and seeing is believing for me so i don't really care if you think it's nonsense. I have just witnessed a good 30 more scalp breakouts/breakdowns withing the space of about 2 hours, each about 2-3 points , for those that care , so far it seems that 60-70% of the time these breakouts work. So hypothetically, with 30 trades going every 2 hours, that's about 20 of these breakouts are winners, each at 2-3 points, so 40-60 points gains with 20-30 points in losses , so 20-30 points overall,including comissions....
 
Last edited:
Ok, serious question: In your example - assuming you have a scalp support/scalp resistance as in your example and assuming you can get the execution speed to actually hit the market. What spread do you think you'll be paying?
 
it's usually 1 point/1tick, plus i thought you got spread free trades considering its usually like $4+ RT with these 'all in' comissions?
 
Last edited:
Spread free trades lol....Where do you think you're going to get trades with no spread?
 
velocity futures offers 'all in' comissions , so you just pay the RT and no spread.

And even so, you can still scalp
 
Last edited:
you are paying the spread whenever you are getting your order filled one point above or below your limit order, it's not like in forex when you are actually negative when you enter a trade.
 
Last edited:
well you can laugh at my many aliases over the interwebz but the point remains that you can still scalp time and sales using scalp breakouts
 
You must log in or register to reply here.

Similar threads

N
Tape Reading
Replies
8
Views
5K
new_trader
new_trader
O
Reading the tape
2
Replies
20
Views
8K
OrderFlowDashPro
O
C
Tape Read (Time & Sales) Strategies
2 3
Replies
42
Views
19K
numbertea
numbertea
E
E-Mini S&P Tape Reading : Hidden Limit Order absorption!
Replies
10
Views
7K
numbertea
numbertea
R
Reading Tape
2
Replies
22
Views
8K
RMorgan
R
Top